{"id":29314,"date":"2023-06-29T18:01:00","date_gmt":"2023-06-29T22:01:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ex-trader-ackerman-ordered-to-pay-54-million-fine-for-crypto-fraud\/"},"modified":"2023-06-29T18:01:01","modified_gmt":"2023-06-29T22:01:01","slug":"ex-trader-ackerman-ordered-to-pay-54-million-fine-for-crypto-fraud","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=29314","title":{"rendered":"Ex-Trader Ackerman Ordered to Pay $54 Million Fine for Crypto Fraud"},"content":{"rendered":"
\n

The former New York Stock Exchange broker Micahel Ackerman has been ordered to pay $54 million in penalties by a federal court for running a crypto fraud, as per a release from the Commodity Futures Trading Commission (CFTC).<\/p>\n

A judge at the Southern District of New York court has banned Ackerman from trading in any markets supervised by the financial watchdog, CFTC revealed.\u00a0<\/p>\n

The former NYSE broker was charged in 2020 for defrauding nearly 150 investors and raising $33 million on the false promises of high returns.\u00a0<\/p>\n

After pleading not guilty initially for operating a fraud, he later changed his plea in September 2021.\u00a0<\/p>\n

The financial watchdog announced that the final order signed on June 13 closes the CFTC enforcement case against Ackerman.\u00a0<\/p>\n

Ackerman to Pay $54 Million In Penalties<\/h2>\n

As per the CFTC announcement, Ackerman is required to pay $27 million in restitution to defrauded victims and a $27 million civil monetary penalty in connection with running a crypto fraud.\u00a0<\/p>\n

Between August 2017 to December 2019, the former NYSE broker scammed investors through his company Q3 Holdings. The firm promised investors 15% monthly returns on their investments.\u00a0<\/p>\n

Ackerman\u2019s firm promised to deliver those returns through its proprietary trading algorithm by trading Bitcoin and other cryptocurrencies.<\/p>\n

As per CFTC, the former NYSE broker raised at least $33 million from over 150 investors.\u00a0<\/p>\n

Ackerman Presented False Accounting Details To Investors<\/h2>\n

The CFTC further revealed that Ackerman presented false screenshots and accounting statements to mislead the investors about the reality of the fund\u2019s portfolio.\u00a0<\/p>\n

The manufactured information was later passed on by Ackerman\u2019s partners, former Wells Fargo Advisors employee James Seijas and Florida general surgeon Quan Tran.<\/p>\n

Seijas and Tran were misled too as they were not aware of the fund\u2019s actual asset values versus what the former NYSE broker had told them.<\/p>\n

Contrary to what Ackerman told investors, only $10 million of the money raised was actually invested.<\/p>\n

Ackerman illegally used the money for personal gain in luxurious items including cars, jewelry, and a $3 million Florida beach house.\u00a0
\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The former New York Stock Exchange broker Micahel Ackerman has been ordered to pay $54 million in penalties by a federal court for running a crypto fraud, as per a release from the Commodity Futures Trading Commission (CFTC). A judge at the Southern District of New York court has banned Ackerman from trading in any […]<\/p>\n","protected":false},"author":1,"featured_media":29315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-29314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nEx-Trader Ackerman Ordered to Pay $54 Million Fine for Crypto Fraud | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The former New York Stock Exchange broker Micahel Ackerman has been ordered to pay $54 million in penalties by a federal court for running a crypto fraud,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=29314\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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